Automobiles, especially new ones, are quite heavy on one’s budget. Without sustained amounts of income, paying for a car is a battle, and the challenge gets replenished once the next payment period enters. In a lot of cases, loans are secured, which eventually aren’t settled in time, thus paving the way for repossession. So, does this mean your junk car is gone for good? Yes, if you don’t act fast enough.
A Quick Visit to the Creditor
The repossessed vehicle, whether a junk car or a brand new model, is taken away from owners because of unpaid dues. So, the first order of reclaiming repossessed junk cars, or any vehicle for that matter, is to talk to the creditor, and fast. Act slow and it would mean money for scrap cars, in the creditor’s case.
The prerogative of crediting firms is to sell the car or put it up for auction, so they can garner profits. Your job is to beat your creditor to it, and then present a convincing case. In other words, you still have a shot at claiming your car, if you promise to pay your dues within a few days and of course deliver.
Setting a Timeline
To strengthen your case, set a realistic timeline regarding when you can pay the outstanding balance in full. Make it too lengthy, and the creditor will probably scrap your plan. The timeline, ideally, should stretch for only a few days. Your creditor, after all, is doing you a huge favor, if he or she agrees with your plan.
A Hasty Way to Pay
Before you proceed with your plan, find a way to pay for your dues quickly, otherwise the creditor won’t likely agree. You can secure loans from loved ones or find several short projects at work, so you can secure cash, quickly.
Since the balance, which stands to increase due to interest, is your main concern, you can also find alternative ways to make money for old cars. For instance, you can find a buyer for the vehicle or secure it through an auction, to cut down or perhaps clear off the balance.
Once You Seal the Deal
If you manage to pay off your dues, you should request the creditor to scratch off the repossession on your credit report. He or she should contact the credit bureau for that to happen.
Repossessed junk cars are not impossible to reacquire, especially for critical thinkers. A good plan and a nifty way to make money are your biggest assets in this case.